Japan’s crypto board is trying to ease the rules for listing new cryptocurrencies. SHIB, BabyDoge etc. Controversial meme tokens are currently free from strict rules for listing on local exchanges.
Exchanges in Japan may list SHIB, DOGE and other meme coins
Local sources said that JVCEA has been in talks with Japanese crypto exchanges recently. The JVCEA Association, which receives a change from this booth, will not be involved in the listing process. Instead, they will actively participate in moderation of cryptos after listing. Also, people familiar with the matter said they are investigating the possibility of asking exchanges to delist the tokens in case major risks arise later on. If the regulator’s efforts work well, exchanges will list the tokens without scanning. It can be said that this development offers a good opportunity for currency exchanges such as Coinbase.
After the Japanese Prime Minister expresses discontent, regulators may abolishstrict rules for listing digital tokens. The listing of crypto on Japanese exchanges requires government approval, resulting in only 21 crypto on the largest exchange in Japan. https://t.co/ZpaZZ8pafH
— Wu Blockchain (@WuBlockchain) June 8, 2022
Crypto in Japan Lighter rules for listing are coming
According to sources, JVCEA plans to ease crypto listing rules, focusing on moderation after listing rather than before listing. Also, in the future, the regulator may force exchanges to delist the tokens and cease trading if problems arise after trading has begun.
This decision is expected to provide support for foreign exchanges such as Coinbase, which are much larger than Japan-based exchanges. Currently, Coinbase has over 100 coins in the US. For comparison, one of the largest Japanese companies, GMO Coin, only works with 21 cryptocurrencies. The new rules will not apply to ICO projects. The final decision on the rule change is expected by the end of the year.
Fumio Kishida: Dissatisfied with the current listing process
Last month, Prime Minister Fumio Kishida’s panel criticized the current procedure for listing cryptocurrencies on exchanges it rained. The panel decided that it took too long for regulators to pre-screen new cryptos before allowing them to be listed. Based on these criteria, they wanted to knock down the board and instead start protecting users after cryptocurrencies were listed. Usually, the screening process takes half a year or longer.
According to an anonymous person from the FSA, it is not yet clear whether the new policy to streamline the listing process will be approved. Earlier this year, JVCEA provided the list of cryptos that can be listed on exchanges without any barriers.
Latest SHIB listing news
The second largest meme coin by market cap, SHIB is attracting great attention from retail investors. As Kriptokoin.com , the Bitstamp exchange recently listed Shiba. SHIB is now open for trading on Bitstamp on SHIB/EUR and SHIB/USD pairs. Robinhood had recently listed the Shiba. The long-awaited list triggered a double-digit rise.
